January 24 (Renewables Now) - Chinese solar-grade polysilicon maker Xinjiang Daqo New Energy is expected to report a year-on-year increase of more than 400% in net profit attributable to shareholders for 2021, its parent company, Daqo New Energy Corp (NYSE:DQ), said today.
Preliminary estimates show the unit’s profit for the past year would be around CNY 5.6 billion (USD 883m/EUR 778m) to CNY 5.8 billion, which is up from CNY 1.04 billion in 2020.
Daqo New Energy holds 80.7% in the subsidiary, which wrapped up an initial public offering (IPO) in China in July 2021.
Also today, it was announced that Xinjiang Daqo is planning a private offering of company stock to raise CNY 11 billion. Most of the proceeds would be invested in the company’s polysilicon expansion project in Baotou, Inner Mongolia with a production capacity of 100,000 tonnes. Construction of the complex is planned to start this March and finish in the third quarter of 2023.
(CNY 10 = USD 1.577/EUR 1.390)